Citigroup analyst Christopher Danely reinstated Broadcom Inc (NASDAQ: AVGO) with a Buy and a $1,100 price target. The stock closed higher by $95 on Monday following the re-rating.
The stock closed at $1,029.24, marking its highest price in a year. Citigroup's decision to resume coverage was influenced by Broadcom's strong core business performance and the beneficial impact of its recent acquisition of VMware in November, which aimed to enhance its cloud technology infrastructure offerings, CNBC reports.
Broadcom is actively engaging in the artificial intelligence (AI) sector, collaborating with companies like Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, and Comcast Corp (NASDAQ: